Homeowners in Foreclosure
Starting in 2008, foreclosures in Central Florida began to increase at an alarming rate, reaching a peak in 2009. Even as foreclosure filings have fluctuated in recent years, Florida has consistently ranked as one of the top states in foreclosures. A recent RealtyTrac study finds 1 in every 400 Florida homes is in foreclosure. In Orange County, the numbers are even higher, with 1 in every 253 homes in foreclosure.
What is Foreclosure?
Foreclosure is defined as a legal process by which a bank or lender attempts to recover a property as a result of the homeowner’s failure to make payments. Perhaps the first question someone facing foreclosure might ask is, “where do I begin?” The first step is understanding how the foreclosure process works and what you need to do.